profit 25 January, 2012 by Profit Epaper

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Wednesday, 25 January, 2012

Canadian firm to acquire 70pc stake in mineral licenses in Pakistan LAHORE IMRAN ADNAN

ANADIAN company, ME Resource Corp, has entered into an agreement to acquire 70 per cent stakes in two exploration licenses in the Chaghi mineral belt in Baluchistan, contiguous to Reko Diq, one of the world’s largest undeveloped coppergold deposits with disclosed resources of 21.77 billion kilograms of copper and 40 million ounces of gold, Profit learnt. According to the company website, ME Resource Corp is acquiring 70 per cent in-

terest in two large exploration licenses (EL-94 and EL-102), 6-kilometer of west of the Reko Diq, by funding exploration for large copper-gold deposit. The company will now seek formal regulatory approvals to start operations. It points out that to comply with Pakistan’s mining laws, its partner, Adza Minerals, will be operator of EL-94, and Pure Minerals will be operator of EL-102, until December, 2012. During two year period, ME Resource Corp will have its own geologist in the field to oversee and monitor the exploration work. However, after December 2013, ME Resource Corp will be-

come operator of EL-94 and EL-102. The company website indicates that a small portion of a large 13-kilometer by 7kilometer induced polarisation anomaly was tested in 2005, with intersections up to 251 meters of 0.38 per cent copper and 0.2 grams per tonne gold and 45 meters of 0.66 per cent copper and 0.3 grams per tonne gold. However, the drilling did not test magnetometer survey results as they were not available. It indicates that at Reko Diq, almost all of the known deposits have circular magnetometer highs. In 2012, a magnetometer survey will be done within the

Engro Foods announces profit of Rs891 million LAHORE

STAFF REPORT

OARD of directors of Engro Foods Limited has announced a profit after tax of Rs891 million for the year ending on December 31, 2011 as compared to Rs176 million in 2010. Engro Foods’ revenue for 2011 recorded an increase of 43 per cent and stood at Rs30 billion as compared to Rs21 billion in 2010. The company also announced an EPS of Rs1.22 (basic and diluted) for the year 2011 as compared to EPS of Rs0.31 in the year 2010. Engro foods continued to consolidate its growth through the year and during the first half of the year, in May 2011, the foods business raised Rs1.2 billion by issuing 48 million shares to the institutional investors – mainly the US and UK mutual funds – at a share price of Rs25 per share. The company’s vision to enhance its footprint and pursue a focused growth strategy led to the firstever public offering of 27 million shares of the business to the general public at a price of Rs25 per share – inclusive of a premium of Rs15 per share.

DAIRY The company continued its aggressive business strategy of growth and diversification and achieved volume growth of 22 per cent in 2011. Building on its promise of elevating consumer delight, the business diversified into popularly priced, high quality product category with the launch of Dairy Omung – a nutritious and affordable dairy product for lower income consumers. Innovation remained at the core of the business product expansion strategies this year and we also introduced Olper’s variants of Badam Zafran and Rose flavors which were well received by the market.

JUICES & NECTARS The year 2011 also marked the relaunch of the refreshing Olfrute brand which continues to reflect strong consistent growth in its volume base. With six invigorating flavors Olfrute registered a volume growth of 236 per cent in 2011.

ICE CREAM, FROZEN DESSERTS Omore’s volume increased by 43 per cent in 2011 and the company continued to investment in its brands, product development and diversification and cold chain infrastructure.

DAIRY FARM SEGMENT The company’s Nara Dairy Farm continued to remain a rich and nutritious source of raw material for its dairy segment. Nara Farm produced over 5.8 million liters of milk in 2011 with a total herd size of over 3,000 animals.

ENGRO FOODS CANADA Mirroring its success in the local market, Engro Corp – the parent company – made its foray within the international arena with acquisition of Al-Safa – a leading halal meat brand in North America – at a total cost of $6.3 million in April 2011. The business is owned by Engro Corp, but managed by Engro Foods. During the first eight months of operations (since the acquisition) till December 31, 2011, AlSafa brand sales were $5.3 million and the operational loss was $1.2 million including the pre-commencement cost of $0.33 million. Since Engro Corporation currently owns the equity stake in Engro Foods Canada these losses are not included in the company’s financial performance. Engro Foods will buy the equity shares from the holding company at the actual cost postapproval of the regulator. The board expressed confidence in the strategic vision and direction of the management and indicated a clear signal to pursue a long-term growth strategy.

13-kilometer by 7-kilometer induced polarisation anomaly to identify coppergold deposits. It will start magnetic survey in March over the Sor Baroot induced polarisation anomaly to identify round mag highs that occur above copper-gold mineralised intrusive deposits such as at the 16 Reko Diq deposits. According to the agreement, the company shall float 36 million common shares from treasury to the vendors. In addition, 12 million common shares may be issued as a bonus payment if resource milestones are met. A cash acquisition payment of $6 million is to be paid to the vendors on or

before February 15. However, if the cash payment is not made, the amount will be converted to long-term debt at a rate of seven per cent per annum and due on or before February 15, 2014, or converted to common shares at the lowest price per share acceptable to the exchange. The company website also highlights that ME Resource Corp has teamed up with Baluchistan’s noted mining family, Zehri, to assist it in dealing and exploration in Pakistan. Zehri family is associated with mining business since six decades.

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Wednesday, 25 January, 2012

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NA body warns failure to resolve power diﬀerential tariﬀ could cause further loss to the economy ISLAMABAD AMER SIAL

ATIONAL Assembly Special Committee on Energy Crisis on Tuesday warned that the lethargic attitude of Ministry of Water and Power (MOWP) in resolving the power tariff differential of Rs3.29 per kWh could further deteriorate the economic conditions of the country. The committee was held under the chairmanship of Usman Khan Taraki. Only three members of the committee out of total 17 attended the meeting. Bushra gohar of ANP, Shahid Khaqan Abbasi of PML-N and Rana Farooq Saeed Khan of PPPP attended the meeting. While Muhammad Jadam Mangrio of PPPP left soon after the meeting started. The members kept asking MOWP to give amount of loss due to theft alone. However, it could not give even an estimated figure which forced the committee to ask DISCO representatives to give their estimated theft figure. Their estimates projected 2.46 million units loss in theft during the first six months of the current fiscal year. The estimate for whole year was 5,000 million kWh or Rs38 billion. The committee noted with concern that the power distribution companies (DISCOs) were unable to collect Rs63 billion in bills during the last fiscal year. Shahid Khaqan Abbasi noted with concern that the system needed immediate radical changes otherwise it would drive down the country. The minister for Water and Power Syed Naveed Qamar also agreed that if the system was not improved the baggage of the government would in-

crease. Abassi proposed that instead of subsidising the first 300 units of all consumers, the higher tariff slabs should be applied from the start. Chairman NEPRA also supported the idea of one tariff slab by doing away subsidised tariff. Abbasi had said at the outset that he was not satisfied with the working of the committee as MOWP was not been able to define the problem. He said the ministry had not come up with facts to ascertain whether it was a management, financial, or capacity crisis. “Under the present circumstances, the government has no solution till 2015”, he added. Noting with concern, Bushra gohar said the government has large army of departments and human resource but lacks will to end inefficiency, mismanagement and corruption in the system. She said there appears to be no commitment and plan from the government to resolve the crisis. Secretary Water and Power Imtiaz Kazi proposed that the officials and some members of the committee could sit together to draft final recommendations of the committee. However, Chairman Taraki ruled out the move and said that the committee would finalise recommendations after open hearing. Abbasi noted that MOWP had not come up with answers of even simple queries of the committee. “How could a ministry that has not even got simple basic numbers guide its minister and the prime minister? He wondered. In reply, Secretary Kazi said basically the difference in sale and purchase price was the issue for which a number of steps were being taken to eliminate the crisis.

The minister stressed induction of professional management as he said even the parliamentarians too were influencing posting and transfers in DISCOs. Every MNA wants to have his own XEN and SDO in his constituency. However, Abassi took exception on his remarks, on which the minister said that he meant that the system was not being run on merit. Chairman National Electric Power Regulatory Authority (NEPRA) Khalid Saeed informed the committee that the determined average sale tariff was Rs11.07 per kWh for the current fiscal year, while the government’s notified tariff was Rs7.78 per unit. He said there was a differential of Rs3.29 per kWh. Last fiscal year NEPRA had determined an average tariff of Rs9.58 per unit, while notified tariff was Rs7.78 per unit with a differential of Rs1.80 per kWh. Chief Operation Officer of Central Power Purchasing Agency (CPPA) Arshad Raza informed the committee that National Transmission and Despatch Company (NTDC) purchased in total 90,481 million kWh (MkWh) at a cost of Rs639.6 billion on average rate of Rs7.07 per kWh last fiscal year. He said they sold 87,782 MkWh and the billed amount was Rs659.06 billion at an average of Rs7.51 per kWh to DISCOs and KESC. Abbasi asked what the transmission losses of NTDC were. Raza said it was only three per cent last year as against NEPRA’s allowed limit of 2.5 per cent. The total loss of three per cent converts to Rs18 billion per annum. Mere half a percentage point loss than the target limit caused a loss of Rs3 billion to the entity. MD NTDC Rasul Khan Mehsud said that previously there was no metering at NTDC

but after the installation of meters the losses were in the range of 3.5 to 3.8 per cent per annum. Chairman NEPRA said they have raised some specific queries and on appropriate reply from NTDC the regulator will help accommodate their genuine losses. Raza said DISCOs transmission losses on average were 19 per cent against the allowed limit of 16 per cent during the first half of the current fiscal year. Chairman NEPRA asked the committee to seek yearly comparison as six monthly figures could be misleading, as DISCOs have never come up to the mark. Abbasi said the transmission losses figure apparently didn’t prove that theft was a major issue. However, the minister said theft was a major issue along with other problems. He said changes in management were required to insulate it from outside influences. Chairman NEPRA said other than IESCO, gEPCO, FESCO and LESCO all other DISCOs were faced with massive losses. He said the regulator has allowed higher transmission losses to DISCOs to avoid their bankruptcy. However, he said the consumers could not be penalised for the government inefficiency. He said for KESC they were reducing the line losses by two per cent and it was a performance based system which could be implemented for other DISCOs. He said the line losses and theft was a major issue that was the heart of the problem. He said PESCO, HESCO, SEPCO, MEPCO and QESCO were billing for only 65 percent of the total electricity supplied and the matters were further compounded when they managed to collect only 60 percent of the billed amount.

Pakistan to sign PTA with Indonesia ISLAMABAD

STAFF REPORT

AKISTAN and Indonesia have completed their internal formalities for signing the Preferential Trade Agreement (PTA) which is expected to be signed during the upcoming visit of Commerce Minister Makhdoom Amin Fahim to Jakarta. Indonesia is one of Pakistan’s biggest markets for kinnow but the country’s share was eliminated due to tariff preference available to other competitor under ASEAN-China FTA. Through PTA Pakistan has been to able to achieve a level playing field with its competitors in Indonesian

market. In 2006, Indonesia imported kinnow worth $200 million but the share of Pakistan was almost negligible due to tariff barriers. An official statement said, Ministry of Commerce discussed various matters of Kinnow export to Iran and Indonesia with different stockholders including All Pakistan Fruit and Vegetable Association, Citrus growers, Ministry of Food, Pakistan Horticulture Development and Export Board during a meeting. Recently a complaint was received from the Citrus growers Association regarding problems being faced by Pakistani exporters of kinnow. The ministry was informed that Iran has

banned the import of citrus from Pakistan. The ministry raised the issue of the association with the relevant authorities in Tehran. Pakistan Ambassador in Tehran was also requested to take up the issue with the Iranian government. While responding the issue, Pakistan’s Ambassador has informed that Iran has not banned the import of kinnow from Pakistan. It was also highlighted in the meeting that kinnow is one of important horticulture export products of Pakistan. In the year 2010-11 Pakistan exported approximately $110 million to various countries including Iran, which was one of our largest markets accounting for 10 per cent of Pakistan’s

total export. The meeting was informed Ministry of Commerce led the Pakistan negotiating team for PTA with Indonesia, where Indonesia has already agreed to eliminate tariff on import of kinnow from Pakistan. The meeting was informed that Pakistan and Indonesia have completed their internal formalities for signing the PTA. The commerce minister of Pakistan is scheduled to travel to Jakarta on the invitation of his Indonesian counterpart to sign the agreement. After the signing ceremony both countries will implement the tariff reduction commitments soon.

Inflation to recover double digit growth KARACHI

STAFF REPORT

FTER posting single digit growth in Dec-11, the headline inflation is expected to recover its double digit growth momentum from Jan-12 onwards. Estimates suggest inflation to incur a 1.5 per cent MoM rise during Jan-11 translating into a 10 per cent YoY growth. This will bring the 7MFY12 average inflation at 10.8 per cent YoY much lower than 14.2 per cent YoY in 7MFY11. At these levels the 12 month moving average suggests inflation for FY12 to bottom out at 11.8 per cent YoY which is 20bps lower than SBP’s 12 per cent target rate.

BREAkING FOOD PRICE UPSIDE RISk Until recently, we were expecting food prices to

show a gradual easing to the end of FY12, which will keep food price relatively sticky for some time, said Saad khan at AHL, adding that however, tracking the 1HFY12 trend we tend to note a sharp deceleration in food prices touching almost 24 month low by Dec-11 at 9.5 per cent YoY. The Sensitive Price Index (SPI) for 1 Quintile showed almost three per cent YoY growth in Dec11, compare this to 21 per cent YoY in the same period last year.

in futures price dictates. However, any sharp upward shift in oil prices will bring our inflation estimates closer to that of State Bank of Pakistan (SBP) target of 12 per cent. We based this in the light of recent government decision to adjust administered prices of electricity, petroleum and gas, in conjunction with higher oil prices,” he added.

SBP’S PRICE ShOCk PREPARATION PRICE ADJUSTMENTS A BASE CASE RISk Currently the Arab Light oil price is trading at $109.21 per bbl FY12TD close to our initial full year assumption for FY12 at $110 per bbl. “We expect the prices of oil will start to drift lower over the remainder of FY12, as the general trend

If oil and food prices were to show a sharp rise, then this would be a temporary shock. A temporary supply shock naturally up ticks the headline inflation in the short-run, contaminating core prices with a lag. In reality, although the food and oil price pressure may seem to have subsided for now but they still remain at elevated levels

Planning Commission holds petroleum, water and power responsible for energy crisis ISLAMABAD STAFF REPORT

INDINg lack of coordination between the ministries of water and power and petroleum as contributing towards energy crisis, the Planning Commission has proposed setting up of a think tank Pakistan Energy Research and Information Centre to address the issue. A workshop on Pakistan Integrated Energy Model highlighted that due to lack of coordination between two energy ministries was contributing more towards energy crisis. To overcome the energy crisis, it proposed setting up of an energy think tank Pakistan Energy Research and Information Centre (PERIC). Chairing the meeting Deputy Chairman Dr Nadeemul Haque supported the concept of PERIC. He said he fully supported the vision to setup PERIC as a reputable center of excellence for energy which was self-financed and financially sustainable. PERIC will create the enabling environment for development and dissemination of integrated energy sector analysis and studies for sustainable solutions. It will also help in developing of Pakistani expertise and intellectual skills in specialised areas and promotion of international best practices. At the end of the workshop it was envisaged that PERIC will serve as a successful platform which will not only act as a panacea for the on-going energy crisis but it will also help Pakistan expedite economic development thus will result in brining benefits to society at large.

Indian regulators to explain trade regime KARACHI STAFF REPORT

S a part of the process of trade normalisation between Pakistan and India, the ministry of commerce and trade development authority of Pakistan had conducted extensive interactive sessions with all stakeholders for identification of non-tariff barriers in the Indian import regime. According to sources, in this regard; to further sensitise the exporters and importers of Pakistan about Indian trade regime, a delegation of trade regulators of government of India comprising officials of Indian customs; bureau of Indian standards; food safety and standards authority of India and export inspection council are visiting Pakistan from 25-27 January 2012. These officials will have interactive sessions in Lahore (Lahore Chamber of Commerce and Industry) and in Karachi (Trade Development Authority of Pakistan) on 26 January 2012 and 27 January 2102, respectively. During these sessions Indian regulators will enlighten the Pakistani exporters on the regulatory framework of the Indian import regime and will also respond to the queries of Pakistani businesspersons on the non-tariff barriers in the Indian import regime.

hence the risk of inflation is clearly tilted to the upside. Previously, he said, we argued that the recent rise in non-food prices and sharp exchange rate depreciation is likely to infect the headline inflation going forward. Hence, considering this and looking back at SBP’s performance in dealing with price shock a rate tightening stance cannot be over ruled as yet.

IMPROvING PRICE FUNDAMENTAlS We expect inflation figures to show temporary improvement in the months leading to FY12 end, which might be a welcoming sign considering earlier fears of high inflation year ahead, he added. However, in terms of rate easing, we do not think inflationary figures are at a comfortable level as to reign in any easing stance. Key upcoming triggers to monetary policy decision in our view would be external account data, price behaviour and updates on Pakistan reentrance into a fresh IMF loan.

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Wednesday, 25 January, 2012

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liquidating firms de-listed by Karachi Stock Exchange KARACHI ISMAIL DILAWAR

HE Karachi Stock Exchange (KSE) Tuesday delisted 24 companies that have either been liquidated or are under the process of liquidation. Such bad news are logically coming to the fore given poor state of regulatory and taxation affairs at the country’s largest bourse where trading volumes over the past three years have dried up to the lowest levels thus rendering the stock market as less attractive choice for the risk-averse investors. The said companies, half of which were defaulting on stock regulations for over a decade, since 1997, would stand de-listed from the Karachi bourse from the first of next month, February. Prominent among the defaulting firms is a renowned Islamic bank, Islamic Investment Bank Limited, which had been enlisted at the KSE in 1990. On July 16 of 2007 the Sharia-compliant bank was

found violating market regulations under 30 (1)(b)(d)(e) that cost the bank suspension of trading in its shares at the equity market. For its permanent failure to address the cause of suspension of its shares trading, the bank was then placed on the defaulters’ segment on the 8th of July 2009 by the front regulators from KSE. Other companies de-listed by the Exchange under Section 9(4) of the Securities and Exchange Ordinance, 1969 and Regulation No 30 of the Listing Regulations of the Exchange, include at least eight textile firms, two leasing firms, three insurance firms, four modarabas and six other companies. These include Alif Textile Industries Limited, Apex Fabrics Limited, Indus Polyester Company Limited, Mehran Jute Mills Limited, Norrie Textile Mills Limited, Rashid Textile Mills Limited, Tawakkal garment Industries Limited and Valika Woollen Mills Limited, Dadabhoy Leasing Company Limited, InterAsia Leasing Company Limited, Delta Insurance Company Limited, Pakistan Northern Insurance Company Limited, Sterling Insurance Company Limited, Long Term Venture Capital Modaraba, Schon

Modaraba, Unity Modaraba, First Dadabhoy Modaraba, Myfip Video Industries Limited, Taga Pakistan Limited, Uqab Breeding Farms Limited, Pak ghee Industries Limited, Siftaq International Limited and Turbo Tec Limited. “Whereas (these) companies are under process of liquidation or liquidators have been appointed or the companies have already been dissolved previously,” the KSE said on Tuesday adding “After due consideration of facts and circumstances, the

Exchange… has decided to de-list the companies from the Exchange with effect from Wednesday.” Most the de-listed firms attracted the KSE ire for violating Section 30(1)(b)(d)(e)(g) of the listing regulations. The KSE notified the delisting to the Securities and Exchange Commission of Pakistan, the companies concerned and head of the Central Depository Company, National Clearing Company of Pakistan Limited, Lahore Stock Exchange and Islamabad Stock Exchange.

lCCI condemns SRO 821(I) implementation LAHORE STAFF REPORT

AHORE Chamber of Commerce and Industry Tuesday came hard on Federal Board of Revenue (FBR) for trying to implement widely-opposed and controversial SRO 821(I) 2011 by creating an impression that all the chambers of commerce and trade bodies are closely working to get it done through a phased programme. In a statement issued here, LCCI President Irfan Qaiser Sheikh, Senior Vice President Kashif Younis Meher and Vice President Saeeda Nazar said that if an institution like FBR propels false information what the masses should expect from other government machinery. LCCI office-bearers said FBR and Lahore Chamber of Commerce and Industry are not on the same page on the issue as FBR wants documentation of the economy through this controversial SRO while LCCI believes that all the untaxed sectors should be taxed and enforcement of Professional tax needs to be strengthened. LCCI Officebearers said Lahore Chamber of Commerce and Industry in its two meetings with the former Chairman FBR Salman Siddique has tried to convince him into withdrawing this controversial SRO but it is very surprising that only a day after his retirement the authorities have tried to give the impression as if it is an agreed proposal. Lahore Chamber of Commerce and Industry is firm on its stand and calls for early withdrawal of SRO 821(I) 2011 as it is unrealistic and unjustified and any attempt to implement it would be staunchly resisted. LCCI office-bearers said the FBR should avoid implementing the SRO without the consultation of the business community for being the main stakeholders. They said that the SRO will have devastating effect on the businesses in Pakistan as the compulsory requirement of NTN or CNIC number of each and every purchaser or seller is practically almost impossible. They said that given the literacy rate in the country and lack of compliance culture in general masses it will be very difficult to obtain such personal details from the buyers or sellers of the goods. They said the concerned SRO will strangle the already crisis-hit businessmen in the country.

CORPORATE CORNER NBP and Subh-e-Nau join hands for Earthquake victims

Enterprises (SME’s) & Non-governmental Organizations (NgOs) and Lifetime Achievement awards for individuals who received a total prize fund of US$4 million which includes a $500,000 prize that will be awarded to High Schools in 2013. PRESS RELEASE

lUMS, Suleman Dawood School of Business opens its new building

Karachi: National Bank of Pakistan has pledged to make all possible efforts for Spinal Cord Injured (SCI) patients from the 2005 Northern Kashmir earthquake. This was observed in a meeting between National Bank of Pakistan (NBP) and Subh-e-Nau (SN) officials here at Islamabad Club on Monday. Tariq Zafar Iqbal, Senior Vice President and Regional Manager Islamabad NBP hailed Subh-eNau’s efforts towards helping provide medical rehabilitation services to SCI patients in postearthquake affected areas and said it was a rare example that SN has kept its efforts alive long after the tragic disaster. He assured that NBP will stand hand in hand with SN to provide maximum support to these patients. He also pledged to help patients in vocational training in order to make real the possibility where they earn their livelihood. Tariq Zafar Iqbal NBP Regional Head Federal Capital Region Islamabad, presented a cheque of Rs750,000 to Dr. Farrukh on behalf of Mr. Iqbal Qasim, Executive Vice President & Head CSR NBP for surgeries of five SCI patients. PRESS RELEASE

Lahore: The Suleman Dawood School of Business (SDSB) at LUMS announced the opening of its new building in a ceremony attended by the Pro-Chancellor, Rector, faculty members, donors, members of the Management Committee, Advisory Board, Dean of SDSB and distinguished alumni. The building is a generous gift by the Dawood family and will house the SDSB faculty, staff, MBA and Executive MBA classes. Various speakers shared their fond memories of the school’s infancy stages and gave details of future plans. The Rector, Mr. Abdul Razak Dawood mentioned that this is a proud day for the School and marks start of a new era in its pursuit of excellence and growth. PRESS RELEASE

Schneider Electric wins prestigious Zayed Future Energy Prize

Indus Motor & WWF-Pakistan hold Environment Carnival

Lahore: Schneider Electric, the global specialist in energy management, was recognised, on January 17, at the Zayed Future Energy Prize (ZFEP 2012) in the category of ‘Large Corporations’ for leading efforts in renewable energy and sustainability. general Sheikh Mohamad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, presented the award to Jean-Pascal Tricoire, President and CEO, Schneider Electric. The fourth edition of the Prize was hosted on the sidelines of the World Future Energy Summit (WFES 2012) at the Emirates Palace Hotel, in Abu Dhabi. ZFEP also rewarded winners in the categories of Small and Medium

Karachi: Pakistan seems to have embarked on a road for better environmental standards as thousands of people, hundred of schools were lured to Indus Motor Company (IMC) and WWFPakistan Nature Carnival 2012 on Sunday at the PAF Museum, Karachi. Students from more than 150 schools, colleges & universities from Karachi participated in the TSEP-2012 to showcase their green ideas for environmental conservation. Objective of this program was to foster a sense of individual responsibility and accountability in the future generations of Pakistan towards nature conservation. CEO IMC Parvez ghias said that the Indus Motor Company and WWF-Pakistan are committed to create awareness about

environmental conservation among youth to safeguard the rapidly-polluting environment of the country so that upcoming generations can breathe in fresh air. PRESS RELEASE

Nokia appoints Arif Shafique as GM for Pakistan and Afghanistan Karachi: Nokia Pakistan recently announced that Arif Shafique, previously Head of Sales, Nokia Pakistan and Afghanistan has been promoted to the position of general Manager (gM), Nokia Pakistan and Afghanistan. Backed by more than four years of experience with in Nokia Pakistan, coupled with his overall 20 years of work experience, Arif has an in-depth understanding of company’s critical management processes and is one of the few employees to have been associated with the company since its inception in Pakistan. During his tenure at Nokia, Arif has shown consistently remarkable performance and has made substantial contribution to company’ stopline as well as bottom-line growth. He played a key role in taking Nokia brand to the next level in Pakistan, helping the overall telecom sector to flourish in the process as well. As Head of Sales, Arif has not just been developing sales strategies and having them implemented to achieve ambitious targets but also has a clear understanding of the market in which Nokia operates. PRESS RELEASE

Wi-tribe and UET unveil ‘wi-cam‘ Lahore: wi-tribe Pakistan, rated number one for customer satisfaction, and Al-Khawarizmi Institute of Computer Science, University of Engineering and Technology (KICS-UET) unveiled ‘wi-cam’ at a press conference held at the UET campus today. wi-cam, a CPE (Customer Premises Equipment) Management and Administration tool, developed by students and graduates of KICS-UET using open-source technology, allows broadband companies, such as wi-tribe, to remotely configure and manage CPEs, while receiving instant notifications and access to live data. Not only does this result in an improved customer care experience, it also enables customers to continue enjoying seamless connectivity. Wi-tribe entered into a strategic public-private partnership with KICS-UET to

conceive, develop and launch a fully funded research and development program, enabling the innovation of this breakthrough feature-rich management tool. With wi-cam, wi-tribe and UET jointly demonstrate that sourcing local development of critical customer service innovation is not only possible, but also essential to the proliferation of technical capabilities within Pakistan. PRESS RELEASE

Total Parco sign agreement with Pizza hut

Lahore: Total Parco Pakistan Ltd signed an agreement with MCR Pvt Ltd. (Franchisees of Pizza Hut in Pakistan) on 10th of January 2012. The agreement signing ceremony took place at Total Parco’s head office in Lahore. Present at the ceremony were Mr. Marc Soissong – Country Manager, Mr. Thierry Chauveau – VP-Retail and Mr. Mehroze Hassan – SFS Manager from Total Parco and Mr. Rasikh Ismail - group Chief Operating Officer from MCR representing Pizza Hut. Under the agreement, both companies have joined hands to develop Pizza Hut outlets on Total Parco stations. The first pilot will open very soon and both companies hope to expand this concept on more stations across Pakistan. At the core of this venture lies the spirit to serve customers by offering more convenience and better service. PRESS RELEASE

LAhORE: Warid Telecom's head of Sales Mr. Amer Aman Khan giving away prizes to the winning retailers in Karachi, Lahore and Islamabad. Aimed at strengthening business relations, the company organized grand reward ceremonies in 14 different cities in which retailers won Car, Motor Bikes, TV's and other exciting prizes worth Millions of rupees. PRESS RELEASE